Food Traceability Market is Poised to Grow to 14,601.5 Million USD by 2020 – IndustryARC Research

Food Traceability is necessary for ensuring food safety that helps in identifying the product to be recalled from the supply chain in case of any mishaps related to contamination or adulteration.
Food Traceability Market is estimated to reach $14,601.5 Million by decade end due to increasing food safety concerns.

The Report Food Traceability Market: Technology (Infrared, Barcodes, Biometric, Others) End User (Retailer, Warehouse, Gvt Dept, Manufacturer, Growers) Applications (Fisheries, Aquaculture, Dairy, Meat & Poultry, Beverages, Fresh Food Produce)-Forecast (2015-2020)”, published by IndustryARC, estimates the market to reach $14,601.5 Million by 2020.

Food Traceability is the process of following the flow of a food product or ingredients, forwards or backwards through the supply chain. The food traceability report is mainly divided into application, end users, technology and geography. By application, the market is divided into fisheries, fresh food produce, dairy food, meat and poultry, beverages and others. By technology, the report is segmented into infrared technology, barcodes, Global Positioning System (GPS), RFID/RTLS and biometric. Based on end user, the report is segmented into food retailers, warehouses, government departments, food manufacturers, growers and others. Global food traceability market is estimated to grow at 8.1% CAGR to reach $14,601.5 Million by 2020.

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Climate changes, growing number of outbreaks of food borne diseases and adulteration of food have resulted into growth in demand for transparency in the entire supply chain. Consumers are demanding information of the products movement from its origin to the consumer’s plate. Stringent regulations and growing awareness among the participants of the food supply chain about the importance and benefits of implementation of food traceability have resulted into growth in the food traceability market. Thus, growing food safety concerns coupled with higher level of awareness are poised to exhibit tremendous growth in the coming future for food traceability market.

In the technology segment, Barcodes hold the majority share in the global food traceability market owing to the ease of implementation. It has been the best suitable technology for traceability implementation among all the end users and applications as well. The growing technological advancements have resulted into automation of the traceability process, thereby attracting companies to make further investments. RFID is in foremost demand in terms of technology and its market is estimated to be the fastest growing during the forecast period. Food retailers and growers are projected to be the fastest growing implementers of food traceability during 2014-2020. Growing cases of contamination and ease of adulteration is set to increase the demand for traceability in fisheries. Fresh food produce and meat and poultry are estimated to hold the highest shares in the global food traceability market in applications segment in 2015. Europe is the most dominant market for food traceability and the market is estimated to reach $4,059.2m by 2020 at 3.2% CAGR.

The Major Players in this Market Include:

  • Honeywell International Corporation
  • Zebra Technologies
  • Cognex Corporation
  • RedLine Solutions, Inc
  • Datalogic S.p.A

The global market of food traceability is highly fragmented. Automation, advance technology and ease of implementation are the major factors that companies are considering to offer in the traceability systems. Frequent product launches, acquisitions and expansion are few of the growth strategies the key players in the industry are striving to increase their market share.

Various end-use applications included in the report are:

  • Food Growers
  • Contract farming firms
  • Food processing firms
  • Food Manufacturers
  • Packaging Firms
  • Food Logistics Firms
  • Associations & Agencies
  • Government Institutions
  • Retailers

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.

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